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The mine was renowned
for its ultra high-grade zones
and with numerous high-
grade extension holes al-
ready sitting outside the re-
source, the exploration team
led by Bill Oliver (general
manager geology and explo-
ration) is eager to get going
with drilling.
“We still have to prove the
extensions to the higher-
grade zones in the main Mo-
rila orebody,” Anderson said.
“We haven’t done that work
yet but there is a lot of low-
hanging fruit.
“Drilling will be key to de-
fining the early mine sched-
ule.”
To increase the rate of
drilling, dewatering and pre-
stripping, Firefinch intends
to replicate its equity market
success on debt markets.
“My job when arriving was
to try and create options on
equity and debt,” Anderson
said. “In an ideal world we Plant refurbishment started in late 2020, ahead of the restart to mining earlier this year
want to be in a position where there are
no financial constraints on decisions. If
Bill [Oliver] wants a bigger budget for uity investors with the potential to reach finch has proceeded with both fundrais-
exploration I can say ‘here you go’ or 200,000 ozpa gold production outweigh- ing and operations.
if Andy [Taplin, chief operating officer] ing any perceived sovereign risk factors. “In the capital raising, jurisdictional
wants to bring forward stripping I can say The security situation in Mali is ever risk wasn’t really an issue,” he said. “We
‘of course’. Once we are processing ma- evolving. The north of the country has didn’t have any negative feedback on the
terial from Morila, the economics speak story and while Mali is not for everyone,
for themselves, but we need to get there those more experienced investors who
first.” My job when remember Morila’s heyday were willing
Firefinch is targeting a minimum of “ to back Firefinch.
$US50 million with term sheets already arriving was to “Perception and reality are two differ-
received totalling up to $US75 million. try and create options ent things, particularly when it comes
PCF Capital is providing advice on the to mining projects in Africa. It was clear
process with the package expected to be on equity and debt. from the moment we landed to when we
finalised this quarter. Anderson said the In an ideal world we left that it was business-as-usual for the
proceeds would go straight into contin- mining industry and by the time we ar-
ued on-site activities. want to be in a position rived back in Perth the ministers for fi-
“The debt facility will be almost like a where there are no nance and mining had been reappointed,
working capital facility. Its uses will be which was positive for the company.”
the same as those stated in the capital financial constraints on Anderson’s time with Taurus took him
raising; drilling, dewatering, stripping to the region on many occasions and
and general works,” he said. decisions. the track record of companies such as
“The debt won’t come from the main- Barrick, Randgold, AngloGold and ASX-
stream banks. It is difficult because listed Resolute Mining Ltd point to the
we are not building anything; it is not a been blighted by Tuareg rebels for more robustness of mining in Mali.
greenfields project. We are already in than a decade and in August 2020 “Mali is not unique in West Africa in
production, and we could probably find President Ibrahim Boubacar Keita was having security risk but it has a track
a way forward with the equity, funds and overthrown in a military coup. In May, record; none of those operations have
production base we have but it wouldn’t the military acted again, ousting interim been affected by security issues,” An-
be optimal.” President Bah N’daw with the head of the derson said.
Anderson said the interest in Morila junta, Assimi Goita, replacing him with He himself has no qualms about going
from debt providers matched that of eq- himself. to the troubled nation.
Despite the political uncertainty, Fire- “We chose to carry on with the site visit

Page 22 aUgUST 2021 aUSTRaLIa’S PaYDIRT